According to a legend, there was a lady named Charumathi and was very pure at heart. She was a true devotee of the goddess and also performed all her duties towards her family with perfection. Once she was visited by Lakshmi in her dreams who asked her to perform Varalakshmi vrat. She told her family members about it and they were all very supportive. When she started with the ritual, many other women of the village joined her. She successfully completed the fast, and she and her family were soon blessed with success and wealth. They all gained peace and prosperity.

According to another famous legend, there was a king named Bathrasiravas and his wife named Sura Chandrika. They were blessed with everything and ruled their kingdom with order and honesty. They had a beautiful and kind-hearted daughter named Shyamabala who was married to a prince.

Once Shyamabala was visiting her parents’ house, and she saw her mother was driving an old lady out of their house. On being asked her mother replied that the old lady was making suggestions of some Varalakshmi vrat. The Queen didn’t like an old lady interfering in her business. Thus, she drove her out. But Shyamabala wanted to hear what the old lady wanted to say. She invited her and learned the rituals and importance of Varalakshmi Vrat. She decided to observe the rituals after going back to her husband’s home. Soon her kingdom started prospering and riches flowed in. But on the other hand, her parents were facing troubles. They were becoming poorer with every passing day, and there was anarchy in their kingdom.

Shyamabala wanted to help them and sent pots of gold coins to her parents but as soon as her mother’s laid her eyes on the gold, it turned into ashes. Shyamabala realized that the misery was the result of her mother’s negligence towards the advice of the old lady. The old lady was no other than Lakshmi in disguise. She then told her mother to observe the ritual and soon the lost glory was retained in the kingdom.

The next day, women take a bath and they sprinkle the water inside the pot all around the house, as it is considered highly auspicious. Many people place the pot on rice and if rice is used in the ritual, then it is mixed with the rice of the house. The food is believed to become sacred and blessed.

Women who keep fast on this day ensure long life and well-being of their husbands. Lakshmi is the Goddess of wealth and presides over eight sources of wealth, which includes prosperity, good health, knowledge, strength, progeny, and power. Praying to the Goddess provides all these sources. Childless women can also fast for having a baby.